Following the Budget on 30 October 2024, we can now detail the taxation of trusts in the 2025-26 tax year. Taxation of capital gains from 6 April 2025 The capital gains tax (CGT) annual exempt amount available to trustees remains £1,500 from 6 April 2025. The annual exempt amount (AEA) Read more…
Introduction In order for executors (administrators where the deceased died intestate) to deal with assets in a deceased’s estate, they will need to obtain the grant of probate (letters of administration in the case of intestacy). The term ‘personal representatives’ is used below to describe both executors and administrators. Currently, Read more…
Estates and trusts created by a will An estate and/ or a trust(s) created by a will may need to be registered on HMRC’s Trust Registration Service (TRS). Personal representatives’ and trustees’ responsibilities Personal representatives of an estate and the trustees of a trust(s) created in a will have different Read more…
Trusts, a way of arranging property for the benefit of others, while still maintaining some control over it This is a brief guide to the different types of trust available and the terminology used around trusts. It focuses on trusts established under the law of England and Wales. Different Read more…